Deloitte released the findings of its “2026 M&A Trends Survey: A tale of two markets,” asking 1,500 corporate and private equity (PE) leaders in the U.S. about their expectations for M&A activity in the upcoming 12 months as well as their experiences with recent transactions.
“Going into 2026, we’re seeing a level of confidence return among dealmakers as they become more adept at navigating a mixed economic environment — executing well developed strategies and factoring in volatility to get deals done,” Adam Reilly, national managing partner, mergers, acquisitions and restructuring services at Deloitte & Touche, said.
Key Findings
- High optimism among PE and corporate dealmakers in the year ahead. Ninety percent of PE and 80% of corporate respondents expect an increased number of deals their organization will do in 2026. Similarly, when asked about anticipated aggregate value for their deals in the next year, 87% of PE respondents and 81% of corporate respondents anticipate increases as well.
- Given the current state of the macroeconomic environment, expectations for the magnitude of that uptick are more measured than they were at this time last year. In this year’s survey, respondents expecting a “significant increase” in deal volume fell 16 points from the level in the survey taken in late 2024.
- Uncertain market conditions jump significantly as greatest challenge to M&A and deal success, up 10 points to 29% over prior year.
- With elevated capital costs persistent, the rise of private credit continued, while cash came off the sidelines as a leading financing option. Private credit and non-bank lenders remained survey respondents’ preferred financing mechanisms in 2025 (47%); with respondents indicating a growing use of cash as a financing option (33% in 2024 to 40% in 2025).
“Our survey findings along with M&A activity and overall market conditions, indicate a renewed sense of optimism among dealmakers, while also recognizing expectations around the extent of that growth are more balanced. Additionally, we’re seeing signs of a potential ‘two market’ dynamic — where value realization opportunities in small and medium-sized deals are poised to complement the surge in larger transactions recorded in the latter half of 2025,” Reilly said.
